Another sale of Kazakh uranium to China has reached a shareholder vote. National Atomic Company Kazatomprom is holding an extraordinary general meeting by absentee ballot, and one of the agenda items is a spot-term contract to sell natural uranium concentrates to SNURDC, a subsidiary of China's State Power Investment Corporation (SPIC). According to the company's notice, ballots closed at 18:00 on 6 October and the count is due to be completed by 18:00 Astana time on 7 October. At the time of writing, no result had been published.
How the uranium will be delivered
The notice names Kazatomprom as seller and SNURDC as buyer. The goods are natural uranium concentrates in the form of U3O8, to be physically delivered to Alashankou railway station in China. Alashankou is Xinjiang's rail border crossing with Kazakhstan, so the shipment will move overland by rail.
Price, volumes and delivery dates are not disclosed. Kazatomprom cites trade secrecy under its internal rules, and SNURDC has also insisted on confidentiality. The company says only that the terms reflect current market conditions and prevailing trends. The process ran as follows: Kazatomprom made a commercial offer, SNURDC accepted it within its validity period, and the two sides then agreed a draft contract.
Why shareholders have to approve it
Taken together with interrelated transactions, the deal counts as a major transaction in which the company has an interest, so it goes to the general meeting. The board called the meeting (minutes No. 11/26 of 20 August), and the notice, published on 21 August, cites Kazakhstan's Law on Joint Stock Companies. Kazatomprom's largest shareholder is the Samruk-Kazyna sovereign wealth fund with 62.99%; the Ministry of Finance holds about 12.01%, and roughly 25% is free float.
Who the buyer is
Rules related to this news
According to Kazatomprom's notice, SNURDC is a subsidiary of SPIC responsible for supplying uranium and fuel assemblies to SPIC, with a mandate to invest in uranium research, development and exploration. It obtained a state licence to import natural uranium concentrates in December 2017. SPIC is authorised by China's State Council to sign technology-transfer contracts for third-generation nuclear plants and serves as a key platform for AP1000 technology in Westinghouse projects.
What else is on the agenda
The meeting has three items. The second is a U3O8 supply contract with Uranium One Group, part of Rosatom's management structure, with delivery to the Siberian Chemical Plant; price and volumes are again confidential. Uranium One is a partner in several Kazatomprom joint ventures. The third is a board change: Yelzhas Otynshiyev, who represented Samruk-Kazyna and has been appointed chairman of the management board of Kazakhstan Temir Zholy, leaves the board early, and Zhandos Kairgeldi, the fund's co-managing director for strategy and asset management, is proposed for the remainder of the board's term.
The second Chinese uranium deal this year
This is not Kazatomprom's first extraordinary meeting this year tied to uranium sales to China. In an absentee vote counted on 11 August, shareholders approved Letter of Agreement No. 1 to long-term contract No. CNUC-2024HT-001 of 7 November 2025 with China National Uranium Corporation Limited (CNUC). Shares voting in favour made up 92.11% of those cast, and 99.21% of voting shares took part. The content of the letter of agreement was not disclosed.
By Kazatomprom's own figures, its attributable output accounted for about 20% of global primary uranium production in 2025. For companies following Kazakhstan-China energy trade, the next reference point is Kazatomprom's announcement of the vote result and of the contract's signing; price and volumes are unlikely to be made public.
Sources:
Kazatomprom, Notice of the Extraordinary General Meeting of Shareholders (21 August 2026), https://www.kazatomprom.kz/en/media/view/uvedomlenie_o_provedenii_vneocherednogo_obshchego_sobraniya_aktsionerov_2026
Kazatomprom, Voting results of the Extraordinary General Meeting of Shareholders (12 August 2026), https://www.kazatomprom.kz/en/media/view/_voting_results_of_the_Extraordinary_General_Meeting_of_Shareholders_
Interfax, 21 August 2026, https://www.interfax.com/newsroom/top-stories/118802/
Orda.kz, 22 August 2026, https://orda.kz/kazatomprom-planiruet-dve-krupnye-sdelki-po-prodazhe-urana-kitaju-i-rossii-418038/
Kazinform, 22 August 2026, https://www.inform.kz/ru/kazatomprom-planiruet-zaklyuchit-dve-krupnie-sdelki-poprodazhe-urana-d290a554
AtomInfo.Ru, 17 August 2026, http://www.atominfo.ru/newsz09/a0836.htm
Key facts
- NAC Kazatomprom plans to sell natural uranium concentrate in the form of U3O8 to SNURDC, a subsidiary of SPIC, with the delivery point being Alashankou railway station in China.
- For this transaction, Kazatomprom’s extraordinary general meeting of shareholders uses written voting; the collection of ballots ended at 18:00 on October 6, and vote counting was completed before 18:00 on October 7.
- The Kazatomprom announcement states that the price, quantity and delivery time of the transaction are trade secrets; both the buyer and the seller requested confidentiality, and they were not disclosed.
- Kazatomprom says that, on an aggregated basis, the transaction constitutes a “major transaction” and is a transaction in which the company has an interest, and therefore it is submitted to the general meeting of shareholders for decision.
- The same extraordinary general meeting of shareholders also considers a contract to supply U3O8 to the Russian Uranium One Group, with the delivery point being the Siberian Chemical Combine in Russia.
- The extraordinary general meeting of shareholders whose votes were counted in August this year approved Supplement No. 1 to Kazatomprom’s long-term contract with China Uranium Corporation, with votes in favor accounting for 92.11% of the shares represented and voting.
FAQ
What is the delivery location and method for this uranium transaction?
The announcement states that the goods are natural uranium concentrate in the form of U3O8, to be delivered physically to Alashankou railway station in China.
Why must this transaction be submitted to the general meeting of shareholders for a vote?
The announcement says that, when aggregated with other related transactions, the transaction constitutes a “major transaction” and is classified as a transaction in which the company has an interest, so it must be decided by the general meeting of shareholders.
Will the price and quantity of the transaction be made public?
Kazatomprom says that the price, quantity and delivery time are trade secrets under the company’s internal rules, and SNURDC also requested confidentiality; the announcement does not disclose them, stating only that the transaction parameters are in line with current market conditions and market trends.
What is the background of the buyer SNURDC?
According to the Kazatomprom announcement, SNURDC is a subsidiary of SPIC, responsible for supplying uranium and fuel assemblies to SPIC and for investment in uranium mining R&D and exploration; in December 2017 it obtained a state license to import natural uranium concentrate.
What other agenda items are considered at the same extraordinary general meeting of shareholders?
The meeting has three agenda items. In addition to the uranium sale to China, they include a contract to supply U3O8 to the Uranium One Group within the Rosatom system, and a change of a member of the board of directors.